NSG Acquisition of Pilkington Completed
Pilkington plc and Nippon Sheet Glass Co, Ltd. (NSG) issued a statement
to the London Stock Exchange at 8 a.m. London time today confirming that
the acquisition of Pilkington by NSG has been completed and that Pilkington
is now a member of the NSG Group. Pilkington shareholders are due to receive
165 pence per share, to be paid by 30 June 2006.
Under the terms of the acquisition, Pilkington remains the primary brand
name and logo for the new flat glass business. No disruption to operations
worldwide is expected and the current Pilkington management will continue
to run the Pilkington business.
Given the lack of overlap between the two companies, NSG has said there
should be minimal need for any job cuts as a direct result of the acquisition.
NSG confirmed that all existing employment rights of Pilkington employees,
including pension rights, will be fully safeguarded.
"NSG with Pilkington produces a world leader of scale in the global
flat glass industry. Employing 36,000 people, the enlarged company will
have annual sales of around £4 billion ($7.4 billion USD), manufacturing
operations in 26 countries and sales in over 130, with ownership or interests
in 50 float glass manufacturing lines worldwide and a widened Automotive
customer base," said Yozo Izuhara, chairman and chief executive officer
of NSG, commenting on the acquisition.
"I am excited about Pilkington's future as part of the NSG Group.
The new combined company is a global leader in glass. Our joint technological
strength, innovation and global reach mean we are well placed to grow
profitably and to service and develop our customer base in all major markets
worldwide," said Stuart Chambers, group chief executive of Pilkington.